Small exporters gain finance win
Minister for Trade Simon Crean has announced an expansion of powers for the Export Finance and Insurance Corporation (EFIC), which will enable the organisation to provide financial assistance in a more effective manner.
Included in the changes is streamlining of the eligibility criteria, which will help small-to-medium enterprises and allow greater access to export finance. Exporters that have an annual turnover of their corporate group of up to $100 million are now eligible.
“Australian exporters face many challenges and find it difficult to access finance for expanding their operations internationally,” said Crean. “Expanding EFIC’s powers to better support Australian exporters will give a boost to this growing and dynamic sector of Australia’s economy.”